Indian online ticketing market records $28M quarterly revenue, non-movie events play a huge role: RedSeer report
According to RedSeer, while 50 percent of the industry revenue has been coming from movies, their next big contribution is events.
The online ticketing market in India has recorded a quarterly revenue of $28 million, states a RedSeer report. According to RedSeer's Online Ticket Market Updates, up to 12 percent of ticket value is charged as handling fee, and while 50 percent of the industry revenue has been coming from movies, their next big contribution is events. Tickets for live entertainment, such as sports events and concerts, are the next big category contributing significantly to the almost $330-million revenue the online ticketing industry generated in 2017.
Paytm vs BMS
With more top players acquiring the smaller ones, a CAGR of 20 percent is expected in the online ticketing industry by 2020.
The online ticketing market saw an interesting spin last year with up to 45 percent growth in the non-movie category. BookMyShow faced severe competition from Paytm. Paytm grew nearly to one-fourth size of BookMyShow.
Noida-headquartered Paytm entered the events ticketing business in March 2016. Last year, the fintech platform acquired a majority stake in Insider.in. This February, Paytm noted that it had sold over 52 million movie and event tickets in 2017, 500 percent more when compared with 2016.
In May this year, Paytm acquired Orbgen Technologies Private Limited, the entity that operated Chennai-based online ticketing platform TicketNew, which claimed to have a presence in over 300 cities in India by July last year.
In a recent interview with YourStory, Vijay Shekhar Sharma, Founder and CEO of parent company One97 Communications, said,
In the entertainment category, we are reaching the size of the market leader. So, at an industry level, I feel that these platforms will grow further. These were byproduct businesses but are now becoming huge.
The sale of online movie tickets has gone up by nearly 30 percent in the metros and about 16 percent in Tier I.
Exceptional growth is seen in the sports and local events category. The contribution of local events facilitates the penetration of the industry in Tier II cities.